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First Bank Nigeria recognised for latest milestone

16 February 2016, 20:23Okoro Chinedu

Lagos - First Bank Nigeria has officially been recognised as the financial institution in the country to achieve a transaction volume of 100 million transactions in a month.

Interswitch Transnational, Africa’s leading integrated payment and transaction processing company, has bestowed the recognition.

The record transaction volume, which was achieved in the month of December 2015, represents the total transactions processed by First Bank’s Front End Processor running on the Interswitch transaction switching platform, which seamlessly links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms.

Officials said as one of Nigeria’s largest financial institutions with over 8 million customers, the achievement by First Bank is a pointer toward its desire to promote the cashless policy of the CBN initiative and boost economic growth via e-payments across Nigeria and the African continent.

Also Read: Tough year projected for local consumers

“It really says something about the strength and development of electronic transactions in Nigeria that a single banking partner can record 100 million transactions in a single month,” Divisional Chief Executive Officer, Switching and Processing, Interswitch, Akeem Lawal.

“When you add this figure to that of our other partners, then you can begin to have an idea of the sheer size and demand for electronic financial services in Nigeria.”

The milestone by First Bank is seen as another marker of the scale of success recorded by Interswitch since its launch in 2002.

In 2014, it was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1 500 percent.

- CAJ News

Tags banking

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